All Forum Posts by: Wesley Williams

I recently finished a multifamily renovation project near Temple University.  Usually, I would be getting a strong influx of potential student tenants looking for housing, but due to Corona, students have gone home and finding tenants in the area is tough.  Any suggestions for renting during Corona.  I also need to find renters before I can refi out of my hard money loan. 

Any suggestions or recommendations would be helpful. 

Story of my first two properties: https://www.youtube.com/watch?v=PCV3fgD1yU4&feature=youtu.be&fbclid=IwAR15TfODPwa2cZZ2iNMR0c1r7TxJqKxem6ouLfgLlZybUEMyxk9XBnk-7p0

Please watch and share any feedback you may have about my process and how I can improve my strategy in the future.  

Investment Info:

Small multi-family (2-4 units) hard money loan investment.

Purchase price: $280,000
Cash invested: $70,000

Using hard money to BRRR then buy and hold.

What made you interested in investing in this type of deal?

I saw how lucrative it was to invest in my property and I wanted to replicate the process

How did you find this deal and how did you negotiate it?

Found the deal by networking with tenants and getting to meet the owner.

How did you finance this deal?

Hard money lender, credit cards, personal finances.

How did you add value to the deal?

Renovations are happening now. We are adding about $50-$60 in renovations to the house.

Lessons learned? Challenges?

Leveraging credit can be challenging.

Already tried that @Javier Santiago

Looking for a lender that can help with closing costs. Closing end of the week. Open to any leads.

Thanks, @Eric Nelson I think your idea is the best bet for me here. I think looking at this based on cashflows is the best option for me. There are strong cashflows here. I will try to give the seller as close to what they want knowing that the investment still makes sense for a buy and hold deal.  I'm going to ask for some concessions and maybe get some sort of owner financing.  

Thank you all!  

@Greg Scully Thanks for suggesting owner financing.  I will have to investigate that as an option.  

Thanks @Danny Randazzo, that's a good point.  I'm fairly new to investing, but given the amount this property will cashflow for, the proximity to my other investment property, and the neighborhood I'm in, I think it is a good deal and great future investment. Have you ever had to come up with a strategy for a deal where you're paying the owner above what you think the value of the property is?  

@Scott Morongell do you ever just pick up property based on cashflows?  Knowing that you're not making as much on the initial buy, but knowing that you're also not losing?  My overall strategy is to buy and hold so I'm thinking long-term with this investment. Would love to hear your thoughts.   

I have a multifamily building that I'm looking to purchase. It's in bad condition and I estimate the property to be worth about $260K currently. The owner took out a mortgage a few years back at about $280K (before they let the property go to ****) and wants to sell for $300K. I'm sure I can get this sale price down to $285-290 - she just wants to bring no money to the deal/break even. I estimate repairs to be $45-65K. ARV is at least $370K (really closer to $380). This is an awesome cash flow opportunity for me so I want to make something work.

Any thoughts on how to structure this deal? I know the owner so I have a lot of flexibility in how to approach this deal.   

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

My first property I put practically nothing down and now I hack out the property with about $700 monthly cash flow.

What made you interested in investing in this type of deal?

I lived in Detoit for a while and learned about how cheap real estate could be. I moved to Philly intent on living here for free and building out a portfolio.

How did you find this deal and how did you negotiate it?

I found it with an agent and using the program called NACA.

How did you finance this deal?

NACA Mortgage

Lessons learned? Challenges?

Ask about lenders before you make a move and don't let not having a ton of cash hold you back.